Past Winner Stories
Riverside Tool Corporation
Every entrepreneur expects some ups and downs. A roller coaster ride with clients and balance sheets is one thing – watching your business burn to the ground is quite another. In 2004, that’s exactly what happened to Ron Migedt,president and owner of Riverside Tool Corp. “Thankfully,no one was hurt but our facility was useless,”he said. In a judgment call that some might label brilliant and others might deem insanity,Migedt and one other employee ran back into the office and grabbed the main accounting computer and a laptop. The company had recently completed computer back-ups on its files.
Within hours,the company had rallied and began to seek solutions. “We had a responsibility to our customers and even through the dark times,we knew we had to find a way to service them,”Migedt said. “We were literally writing and working our disaster plan as we watched the building going down in flames. Our local clientele depended on us and we knew we couldn’t disappoint them.” The top six local customers showed up at the fire scene. Other customers began calling with offers of help. “I realized our years of customer service had paid off,”he said. “It reflects on our employees and the kind of relationships we’ve maintained with our customers.” Migedt was also mindful of the employees who depend on Riverside Tool for their livelihood.
Riverside Tool manufactures, supplies and services a wide range of stock and custom designed cutting tools for the woodworking and metal industries. Within a day of the fire,Riverside had secured sharpening services for their customers with multiple companies,the main one in Ohio. Using their remaining fleet of vehicles, the schedules were kept and business continued moving. “If we hadn’t told them,many of our clients wouldn’t have known about the fire,”Migedt said. A local business let Riverside Tool rent their front office space and service was practically uninterrupted. Fifteen days after the fire,the company resumed limited production in a 30,000 sq. ft. facility. During this transition period,the company only lost one client and actually gained three new ones.
“One of the lessons I learned through this experience was to have even more faith in the employees,” Migedt said. “I used to be more of a micro-manager and now I’ve moved to being a manager of duties. I can assign a task and trust that our people will do the right and efficient thing.“
At the end of the fiscal year, the company is predicting a 30 percent growth in sales. They’ve added a West Coast sales office and 80 distributors to their customer base.
“In addition to our incredible employees and clients, I was amazed by the team of people who quickly rallied to help during this crisis, Migedt said. “My insurance agent, my attorney,my real estate agent,my banker and other key figures were in my corner through the entire process.”
Today,the company is in the process of expanding into the PCD tooling market,which uses an artificial diamond-like material to cut wood,resulting in a longer lasting tool. With this added department, sales growth is estimated to increase 40 percent to 50 percent.
Within hours,the company had rallied and began to seek solutions. “We had a responsibility to our customers and even through the dark times,we knew we had to find a way to service them,”Migedt said. “We were literally writing and working our disaster plan as we watched the building going down in flames. Our local clientele depended on us and we knew we couldn’t disappoint them.” The top six local customers showed up at the fire scene. Other customers began calling with offers of help. “I realized our years of customer service had paid off,”he said. “It reflects on our employees and the kind of relationships we’ve maintained with our customers.” Migedt was also mindful of the employees who depend on Riverside Tool for their livelihood.
Riverside Tool manufactures, supplies and services a wide range of stock and custom designed cutting tools for the woodworking and metal industries. Within a day of the fire,Riverside had secured sharpening services for their customers with multiple companies,the main one in Ohio. Using their remaining fleet of vehicles, the schedules were kept and business continued moving. “If we hadn’t told them,many of our clients wouldn’t have known about the fire,”Migedt said. A local business let Riverside Tool rent their front office space and service was practically uninterrupted. Fifteen days after the fire,the company resumed limited production in a 30,000 sq. ft. facility. During this transition period,the company only lost one client and actually gained three new ones.
“One of the lessons I learned through this experience was to have even more faith in the employees,” Migedt said. “I used to be more of a micro-manager and now I’ve moved to being a manager of duties. I can assign a task and trust that our people will do the right and efficient thing.“
At the end of the fiscal year, the company is predicting a 30 percent growth in sales. They’ve added a West Coast sales office and 80 distributors to their customer base.
“In addition to our incredible employees and clients, I was amazed by the team of people who quickly rallied to help during this crisis, Migedt said. “My insurance agent, my attorney,my real estate agent,my banker and other key figures were in my corner through the entire process.”
Today,the company is in the process of expanding into the PCD tooling market,which uses an artificial diamond-like material to cut wood,resulting in a longer lasting tool. With this added department, sales growth is estimated to increase 40 percent to 50 percent.